The newest distribution channel for banks - the Internet - is said to be the future of banking. It offers a totally new services quality, which more and more people actually expect. It also offers the possibility of creating so called virtual banks - banks that do not have traditional departments, for which the only place of business is the virtual space. The main advantages of online banking are: cost reduction, the increase in customers' satisfaction level, wider variety of products to be offered, the increased intensity of clients flow, greater geographical range and the individualization of the offer and customer service. 
A lot of online banking definitions may be found in the literature. For instance, Michal Macierzynski says: "(Ã¢ÂÂ¦) one might often encounter the expression 'virtual banking'. It is used interchangeably with online banking, which is to emphasize that these particular banking companies do not have any other distribution channels apart from the Internet or they have ones, but of a marginal, backup meaning.
The most important thing here is that these banks do not dispose of the departments network, which is the difference in comparison to traditional banks that may offer similar services using the Internet as one of the distribution channels"  Some definitions describe online banking as a separate section of banking, others treat it as a part of the traditional banks' performance. The opinions vary significantly. However, what is common in all of them is that online banking allows individuals to perform banking activities via the Internet.
The first commercial use of the Internet took place in 1993. Not long after that the online banking emerged and quite soon became really popular amongst customers as a distribution channel of banks' products and services. Usually, banks go through four main...